Bank of New York Mellon Corp Sells 82,243 Shares of Stagwell Inc. (NASDAQ:STGW)

Bank of New York Mellon Corp cut its stake in Stagwell Inc. (NASDAQ:STGW) by 19.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 351,185 shares of the company’s stock after selling 82,243 shares during the period. Bank of New York Mellon Corp owned 0.13% of Stagwell worth $2,311,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. Principal Financial Group Inc. raised its stake in shares of Stagwell by 7.3% during the fourth quarter. Principal Financial Group Inc. now owns 34,935 shares of the company’s stock worth $230,000 after buying an additional 2,378 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Stagwell by 59.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,214 shares of the company’s stock worth $114,000 after buying an additional 6,058 shares during the last quarter. TRUE Private Wealth Advisors raised its stake in shares of Stagwell by 40.3% during the third quarter. TRUE Private Wealth Advisors now owns 22,308 shares of the company’s stock worth $157,000 after buying an additional 6,408 shares during the last quarter. New York State Common Retirement Fund raised its stake in shares of Stagwell by 0.4% during the fourth quarter. New York State Common Retirement Fund now owns 1,612,333 shares of the company’s stock worth $10,609,000 after buying an additional 6,992 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Stagwell by 4.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 207,100 shares of the company’s stock worth $1,454,000 after buying an additional 8,579 shares during the last quarter. 35.61% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on STGW shares. Rosenblatt Securities boosted their price target on shares of Stagwell from $9.00 to $10.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Wells Fargo & Company upgraded shares of Stagwell from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $8.00 to $9.00 in a report on Friday, February 21st. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $8.75.

Stagwell Price Performance

Shares of NASDAQ STGW opened at $6.10 on Friday. The stock has a market cap of $1.61 billion, a P/E ratio of 305.00 and a beta of 1.56. The firm has a 50 day moving average price of $6.32 and a 200 day moving average price of $6.80. The company has a debt-to-equity ratio of 1.97, a quick ratio of 0.95 and a current ratio of 0.95. Stagwell Inc. has a 52-week low of $5.29 and a 52-week high of $8.18.

About Stagwell

Stagwell Inc provides digital transformation, performance media and data, consumer insights and strategy, and creativity and communications services. The company operates through three segments: Integrated Agencies Network, Brand Performance Network, and Communications Network. It designs and builds digital platforms and experiences that support the delivery of content, commerce, service, and sales; creates websites, mobile applications, back-end systems, content and data management systems, and other digital environments; designs and implements technology and data strategies; and develops software and related technology products, including artificial intelligence (AI)-enabled communications, research, and media technology, cookie-less data platforms for advance targeting and activation, software tools for e-commerce applications, specialty media solutions in the augmented reality space, and text messaging applications for consumer engagement.